City Index Review: Key Findings for 2023

Here I would like to add my opinion that the integration of video tutorials between the official website of the broker and the youtube channel could have been much better. At present, you might find it a little inconvenient to search your favorite topics at once. The resources available under the technical and fundamental analysis head allows traders to learn market trends for both major and minor currencies. City Index charges a fixed spread on indices and commodities while a variable spread rate is applicable on trading forex and some other markets. As far as the pricing structure of the City Index is concerned, I find it to be in line with the market rates. Still, I would suggest trading with the broker’s proprietary trading platform to benefit from more competitive spreads.

• When deciding on a broker, you can save on costs by choosing a broker with tight spreads.
• The broker offers both fixed and variable spreads depending on the specific market being traded.
• A very good Spread Betting & CFD provider overall, though not without occasional annoyances.
• If you consider whether to opt for the City Index trading platforms, here are a few pointers to help make up your mind.

Check our top recommendations of the best CFD brokers in the world. However, you can rest assured, as the brokers we recommend are all regulated by top-tier financial authorities. CFDs are an interesting product because you don’t own the underlying asset, and you can use them to speculate on the price movements of a wide range of assets. CFD trading allows you to trade with leverage, which means you can potentially make bigger profits with a smaller amount of money. However, it’s important to keep in mind that leverage can also magnify your losses. The profit or loss you make is based on the difference between the opening and closing price of the CFD.

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The point to note is that funds can only be returned to the original source they were deposited from. EWallets are also broadly supported by the broker with PayPal catered for though not in Singapore. In Australia, you can use  EFT, BPAY, PayID, and PayPal while in Singapore you can use PayNow. This can apply to countries like Canada, Japan, or the USA where you are obliged to register an account with Forex.com as your only choice.

Nor does it suggest the platform is unreliable, but it is a point that needs to be shared. The ticket building functionality deserves a special mention as City Index has pulled out a few stops to give traders some very nice-to-have tools. Its possibly easier to pick out markets which the broker doesn’t cover. If you want to compare brokers that offer the best CFD trading conditions, we have already done that for you.

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For this reason, City Index offers various risk management tools including guaranteed stop-loss orders. City Index offers over 25 cryptocurrency markets for trading including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Both City Index Mobile and the MT4 mobile app are ideally suited for traders who are on the move, providing stop-loss orders, watchlists functionality, and Reuters news integration.

These products may not be suitable for everyone, and it is crucial that you fully comprehend the risks involved. Prior to making any decisions, carefully assess your financial situation and determine whether you can afford the potential risk of losing your money. Yes, with City Index, you can trade 24/7, although you can only speculate on cryptocurrencies during weekends.

Desktop and Browser-based Platforms

City Index is a spread betting and CFD trading broker headquartered in London but with a global perspective. The firm has been operating since 1983 and had over the years built a reputation managing to combine reliability, client protection and innovation. It provides city index review traders with some market leading tools and services and the choice of two top of the range trading platforms. A review of the fees and commissions charged shows that City Index offers a highly competitive fee structure that investors can afford to take.

For example, one of the requirements is that they segregate retail client funds from its own. City Index offers an extensive amount of educational material for clients, much of which is accessible without logging in. The broker maintains a Market Analysis page with relevant information and analyses. There is also readily available information regarding companies earnings and the economic calendar. As you look over the company’s deposit procedures, you will notice that the only requirement is that you have sufficient funds to maintain your margin. They suggest that clients have at least £100, or the minimum to cover their first trade’s margin.

We tested it and collected the options and costs in How to withdraw money on City Index. Check out the current account balance requirements at City Index in our What is the minimum account balance at City Index article. Is City Index legit features all the key aspects you need to look at to see if a broker is safe and legit. Here’s our expert view after checking the City Index trading app.

City Index is a derivative brokerage firm that offers customers a platform for spread betting and trading forex and Contracts for Difference (CFDs). CFDs allow traders to speculate on asset prices without owning them. City Index’s proprietary Web Trader platform delivers a rich trading experience while providing access to City Index’s full product offering.

As mentioned above, trading with the broker’s proprietary desktop and web-based trading platforms allow you to access more products as compared to the MT4. The minimum deposit amount to sign up with the CityIndex also varies from country to country. However, traders with dormant accounts exceeding twelve months may need to pay £12 as an inactivity fee. City Index is a part of Gain Capital, offering spread betting and CFD trading in FX, Shares, Indices, Oil, Metals, Commodities, Bonds, Interest Rates, Futures and Options. Based out of London, the broker is authorised and regulated by the Financial Conduct Authority (FCA). So, as an investor, your funds are in segregated accounts, protected from negative balance and deposits covered by the FSCS up to £85,000  if the firm goes into administration.

Whether it’s pricing, mobile technology, safety, or customer service, the company excels in all fields. We are glad to hear that you had such a positive experience with one of our onboarding specialists. We take our reputation as a trustworthy and reliable broker seriously, one which puts clients first. We appreciate your review, and we are happy to hear that you are enjoying our trading platform.

They pride themselves on being a largely commission-free broker. Being an advanced interface, it might appeal to seasoned traders more as compared to learners. With more than 100 technical indicators and over 20 drawing tools, the platform’s charting option is remarkable. It also allows traders to backtest varying trading strategies using historical data. Coming towards the available account types, CityIndex offers three main types of accounts, including Personal, Premium, and Professional trader accounts.

The program is run by Tony Sycamore from TECHFX TRADERS, who has over 20 years of trading experience. City Index offers offer spread betting as an option for trading in the United Kingdom. Spread betting is similar to CFD trading in that it is a form of margin trading and most of the same instruments are available with the same leverage. Overall we found that City Index performed poorly a lowly 17th of the 20 brokers. To verify our results we did the test again one week later and the results were similar. With an average spread of 1.79 pips, your cost will be $16.52 per lot you trade.

These can include market liquidity, volatility, and other issues though tight spreads are generally on offer. These are the AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, NZD, PLN, SGD, and USD. With such a great selection available you can likely avoid any conversion fees that would apply if you were to deposit in a non-base currency. This means they offer services in the majority of countries around the world.

Additional commissions and fees exist only for CFDs on equities and they vary for different markets. The AT Pro platform includes advanced technical analysis with more than 100 indicators, detachable charts, and strong customization. In-platform access to dozens of trading ideas round out an impressive list of advanced features. City Index offers a wide variety of trading platforms, including robust mobile applications on iOS and Android for on-the-go traders.

The markets are always changing, and platforms need also to make adjustments and making this process trader-led is a real positive for the site. The City Index demo accounts in combination with the abundance of educational content will provide a great training experience for new, as well as intermediate traders. By clicking in the “Training” tab on their website you can take a look at their educational content. About 70% of clients who trade CFDs with this broker lose their money. This percentage is not unusual because CFDs are very risky financial products in general, so make sure you know what you’re doing before trading. City Index is an award-winning online broker with many noteworthy achievements throughout the past five years.

• Beginners may go through the introductory section to read and watch different informational videos and develop their understanding of how forex trading works.
• Opening an account at City Index is very straightforward with an electronic guided tour.
• There are several different account types available at the broker so there should be something to meet your needs when trading.
• In this piece, I’ll go through each and everything about the broker, so let’s get started.
• You also don’t need to actually own the underlying asset you’re trading, so it means you don’t have to worry about storage or ownership costs if you own gold, or oil for example.
• A technical analysis portal is also powered by Trading Central, which scans the market for trading opportunities.

It’s easy to get someone to attend to you and solve your problems. Their system is easy to use and intuitive, and you don’t have to just through hoops to get what you want. The only thing is I don’t like that I’d have to wait up to 2 days to their APIs from the support team. What’s needed should be available on a separate tab for those who need it, and ignored by those who don’t.

The City Index mobile applications have been created for both the IOS and Android platforms and have well-organized menus and quick sync between platforms. This is critical when you consider whether to trade on mobile applications and whether you get good value from it. The Index offers customers exclusive facilities for custom alerts, building watch lists, doing initial charting, and chatting with customer support personnel. While the apps are not a replica of web platforms, the interface looks identical, allowing traders to avoid any high risk of losing money while on the go. The GAIN link is very evident in the high operating efficiencies of City Index. A striking product catalog and a lightning-fast trading interface are some of the other optimized features of City Index.

Institutional clients can also sign up for the Self Managed Super Funds, Corporate & Trust, and Joint Accounts. Besides being the brand name of a listed company on NASDAQ, City Index holds multiple regulations in different regions across the globe. In the UK, the company offers regulated trading services in compliance with the Financial Conduct Authority (FCA).

CFDs are leveraged products meaning that you trade with your own money and the money you borrow from your broker. This makes CFD trading extremely risky and not suitable for beginners. A very high percentage of retail traders lose money when trading CFDs. Their offer of CFDs is somewhat limited so that can be considered a drawback.

The MetaTrader MT4 platform is the most popular retail platform in the world. Its success based on its reliability, accuracy and powerful charting tools. The execution spreads https://traderoom.info/ at City Index are in-line with the broker’s peer group. Fixed or variable spreads are available, and the execution interface displays the spread at time of trade.